The viral meme character Chillguy has exploded in popularity across various social media platforms, particularly TikTok, where users have jumped on the bandwagon by promoting a parody cryptocurrency token named CHILLGUY. While the meme’s rise has fueled engagement across crypto communities, its creator, Phillip Banks, has issued a stern warning. He has threatened to take legal action, demanding takedown notices for any for-profit endeavors involving the meme, including the newly launched CHILLGUY token and associated merchandise.
The CHILLGUY token, which launched on the Solana blockchain, saw an astronomical price surge of over 1,000% in a single day, reaching a market capitalization of $500 million. This surge was driven by speculative traders, particularly those on TikTok, who spread the word about the meme token’s potential for gains. As the meme took hold, people outside the crypto space—often referred to as “normies”—jumped in to capitalize on the hype, with video tutorials flooding TikTok on how to buy the token and forecasts of future price increases.
Despite the initial excitement, the token’s value has since fallen nearly 50% from its peak, a typical characteristic of meme-based tokens. These digital assets thrive on community-driven momentum, social media trends, and hype, but they are also notorious for their volatility. Banks, while acknowledging the meme’s viral success, has expressed frustration over its unauthorized commercialization and indicated that he would take legal action, particularly targeting for-profit ventures exploiting the Chillguy brand. His stance has resonated with many in the crypto space, with some even suggesting that he should receive a portion of the tokens to “keep the fun going.”
While meme tokens can generate quick profits, their lack of real utility often leads to steep declines once the hype dissipates, leaving late investors holding depreciating assets. As the narrative around Chillguy continues to evolve, traders and meme lovers alike are reminded of the risks inherent in such speculative investments.
